Friday, November 06, 2009

Guesstimates on November 6, 2009

December S&P E-mini Futures: I am going to stick with my bullish prognosis as long as the market doesn't spend much time below the 1051 level. At 1051 the drop from the electronic high of 1069 before the employment number would equal the length of the two reaction we have seen on the way up from 1026. My range estimate for today is 1051-1065.

QQQ: Support is at 41.10. Next upside target is 45.00.

TYX (thirty year bond yield): I think this market has begun a move to 5.00%.

TNX (ten year note yield): I think that the market has begun a swing up to 4.30%.

Euro-US Dollar: I think a sustained drop to below 120 is about to start.

Dollar-Yen: I think the 87.13 low will hold and that the yen will soon begin a move to 105.00.

December Crude: I think that crude is headed down to 50.00. Resistance is now at 81.00.

GLD – December Gold: The market will probably keep going until it reaches 1120. Support is at 1030.

SLV - December Silver: Continuation up to 1900 is likely.

Google: Support is now at 490. Next step upward will carry to 610.

11 comments:

MaverickUK said...

Carl I think we are now heading for 1009

khoekz said...

Maverick, I think we are headed for 1109+

andi said...

As i had posted here a rise to ~1070 was forecast and now see at the end of day..if a serious sell off w/ good volume ensues days, put a fork into bulls...

Kishore said...

MaverickUK, are we going to take a jump to 1009, or are we going through 1051, 1041, 1031, 1021, 1011, etc. etc.? Far off "predictions" are for the birds, not for day traders!

MaverickUK said...

Of course - not 1009 today!

Kishore said...

Bears appear to have retreated back to the caves, leaving behind a few berries.

BS prevails!

Dollar and Bonds both showed strength earlier at the open. Then gave up the gains. Hail Uncle Ben!

andi said...

alternate case: If we see a surge of volume today and market breaks above 1070, then carl's position will be vindicated..so shorts ready to cover & go long if that occurs..and do not confuse yourself w/ thinking abt funnies..a la kishore

truyenh said...

I think this is just a sucker rally. The Dow Jones is right at the mid of the last top consolidation and S$P is at the 20 MA and right at the set up for head and shoulder. I don't see any sentiments to make the Dow Jones take out the last top. If S&P consolidates at this level and break 1064 to roll over from here, then I see a drop of 70 points to 960 level which the same size of the head (1101) to the neck line (1030). So be cautious if you are long as this drop will furious.

andi said...

market has reversed again at 20 SMA..wait for confirmation..i am holding SDS and proud of it

Jeff said...

Everyone sees that H&S (just like at 950).

So be careful...

truyenh said...

Everyone sees that H&S but nobody traders believe it. I'll go with contrarian of contrarian.:)